how property tax is calculated in Thane for new buildings

Q: want to know how property tax is calculated by thane Municipal co-operation need to know the detail calculation

harish dhore, Thane

3rd August 2015

Property Tax in Thane

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property tax in thane

calculation of property tax in thane

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Hi,
Method for fixing rateable value and calculation of property tax as under (Residential):- 50 sq-mtr RH type tenament in Nerul Node
50 sq-mtr. @Rs. 20/sq-mtr. per month. Estimated monthly rent Rs. 1000
Annual Estimated Rent comes to 1000*12=Rs.12000
Less:- 10% Statutory Deduction:- Rs. 1200
Rateable Value (Residence):- Rs.10800
And Annual Property Tax @ 38.67% on Rs. 10800 comes to Rs. 4176.

Ravi Waghmare, Mumbai

4th August 2015

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Hi Harish,
Property tax can be calculated with the help of following method:- (Capital value-based system) Capital value = Base value x Built up area x Use category x Type of building x Age factor x Floor factor.
Property tax once fixed, will not be revised for 5 years and after that the increase will be restricted to 40% Residential units with greater than 500 sq-ft carpet area will pay twice the old tax or tax calculated by new system Residential units with less than 500 sq-ft carpet area will pay taxes as per old system.

Here is the website which will help you to calculate you property tax:- http://cvs.mcgm.gov.in:7001/MCGM_CVS/

Anirudh Patel, Mumbai

4th August 2015

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